New Home Sales Fell 33.0% In May

June 23rd, 2010 by Belisarius

New home sales fell 33.0% in May to 300.000, the consensus was  at 400.000, prior reading was at 504.000. The lowest reading since 1963. The first home-buyer tax credit expiry  is a reason for a this kind of drop, the effect was already seen with cash for clunkers program.

A disastrous report.

Chart 1. New Home Sales

Source: Blytic.com

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